Repsol depreciates the assets of 1.5 billion dollars, losing 1.997 billion euros in the second quarter

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The Spanish oil and gas company “Repsol” incurred a quarterly net loss and devalued assets of $ 1.5 billion today as it revised down an unusually high expectation of oil and gas prices over the next 30 years.
The Covid-19 crisis, which weakens demand, has put pressure on a sector already hit by lower oil prices due to tensions between producing countries over how to organize supplies and a public drive to switch to low-carbon energy sources.
According to (Reuters) BP, Shell and Eni have devalued assets in their budgets recently.
Repsol said it currently expects Brent crude prices to average $ 59.6 between 2020 and 2050. It had previously expected Brent to reach $ 87 a barrel by 2035, more than most of its competitors.
The company reported a net loss of 1.997 billion euros in the second quarter, but the adjusted figure of 258 million euros, which takes into account factors including certain costs and taxes, was slightly less severe than what analysts had expected the company surveyed.
Repsol said it would repurchase shares and introduce a new plan in November on how to reach its goal of reducing carbon emissions to zero by 2050 while maintaining its value.
The company also revised down its gas price forecast for Henry Hebb, setting accounts indicating an average of $ 3.3 million British thermal units over the next 30 years from a previous estimate of a price rise of $ 5 per million units by 2035.
The company drained cash during the period, and recorded negative free cash flow of 217 million euros.





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